Market is expected to open gap down note and likely to witness selling pressure during the day - Nirmal Bang Ltd
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Market Review
US:
US stocks slid on Wednesday, failing to extend Tuesday's rebound that snapped a three-day losing streak for the major averages.
Asia:
Japan fell on Thursday as investors reviewed trade data, benchmarks in the Asia-Pacific region were also trading lower, following overnight losses on Wall Street.
India:
Indian benchmark stock indices ended a three-day losing streak on Wednesday. HDFC Bank Ltd. and Infosys Ltd. led the gains. Market is expected to open gap down note and likely to witness selling pressure during the day.
Global economy:
Canadian economic activity expanded at a slower pace in July as a measure of inflation fell to a four-month low, Ivey Purchasing Managers Index (PMI) data showed. The seasonally adjusted index fell to 57.6 from 62.5 in June. The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers from across Canada. A reading above 50 indicates an increase in activity. The gauge of employment rose to an adjusted 56.1 from 52.9 in June, while the prices index was at 59.2, down from 62.3 and its lowest level since March. The unadjusted PMI fell to 55.3 from 62.4. China's exports grew at their slowest pace in three months in July, missing expectations and adding to concerns about the outlook for the vast manufacturing sector, while a rush to boost chip supplies before expected U.S. tech curbs bumped up imports. Outbound shipments climbed 7.0% in July from the year earlier, customs data on Wednesday showed, a slower pace of growth than June's 8.6% rise and missing forecasts of a 9.7% increaseImports rose at a robust 7.2% rate, reversing a 2.3% decline in June and marking the strongest performance in three months. It also beat analysts' expectations of a 3.5% rise.
Commodities:
Oil prices rose in Asian trade on Thursday as a sustained drop in U.S. inventories spurred some optimism over sustained demand in the world’s biggest fuel consumer. Gold prices edged higher on Thursday, aided by rising expectations of a U.S. interest rate cut and persistent tensions in the Middle East, while traders awaited economic data for insights into the Federal Reserve's policy path.
Currency:
The yen firmed on Thursday after a sharp drop in the previous session in a volatile week that has left sentiment fragile as investors weigh the unwinding of popular carry trades and ponder the rate path Japan's central bank is likely to take.
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